In Ukraine, transactions of up to 5,000 UAH will not be allowed without identification
Ukraine plans to revise the rules governing financial transactions without customer identification. In particular, the provision allowing transactions of up to 5,000 UAH without additional verification may be repealed.
This was stated by Olga Vasilevska-Smaglyuk, a member of parliament from the “Servant of the People” party, in an interview with “Economic Truth.” According to her, the relevant legislative changes are already being drafted as part of efforts to bring Ukrainian regulations in line with EU standards.
Currently, it is possible, for example, to make deposits via terminals and carry out individual transfers of up to 5,000 UAH without identification. The lawmaker believes that this approach contradicts European principles of financial control, as large sums can potentially be split into numerous smaller transactions.
At the same time, the Ukrainian threshold of 5,000 UAH is significantly lower than the general limit set by EU legislation. The EU regulation sets a limit of 3,000 euros for cash payments without mandatory identification, although individual countries may implement stricter rules.
Vasilevska-Smaglyuk emphasized that identification should be a key element of financial transaction oversight. However, specific new rules and the timeline for their implementation have not yet been determined.
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